Bloomberg OPEC and its allies are likely to gradually revive oil output in the second half of the year to ease consumer anxiety as prices trade near $80 a barrel, said Saudi Energy Minister Khalid Al-Falih. The Saudi comments, echoed by Russia, mark a major shift in the historic alliance they forged in 2016 to end a global oil glut. ...

Bloomberg Exxon Mobil Corp. plans to reduce the amount of natural gas it burns as waste by a quarter within two years to reduce climate-changing emissions, something long demanded by environmental groups and activist investors. Efforts will be focussed on oil wells off the coast of West Africa, Exxon said in a statement. In that region and others, gas produced ...

Bloomberg Generators that provide capacity to the largest US power grid are going to get paid a lot more for guaranteeing electricity when the market needs it.Suppliers to PJM Intercon nection LLC — which serves more than 65 million people from Chicago to Washington — will receive $140 a megawatt-day for the year starting in June 2021, up 83% from ...

Bloomberg JPMorgan Chase & Co. is expanding its oil and gas group with two hires from Morgan Stanley. Jonathan Cox is joining the New York bank as global co-head of oil and gas investment banking and co-head of its Houston office, according to an internal memo obtained by Bloomberg and confirmed by a spokeswoman. Michael Johnson is joining as a ...

Bloomberg President Donald Trump said the US would allow Chinese telecommunications-equipment maker ZTE Corp. to remain in business after paying a $1.3 billion fine, changing its management and board and providing “high-level security guarantees.” In a tweet on May 27, Trump confirmed a deal that his administration had outlined for members of Congress, according to two people familiar with the ...

Bloomberg China is considering encouraging state-owned carmakers to bring in private automakers as investors as it seeks to create an industrial champion to compete with global peers such as Toyota Motor Corp. and Volkswagen AG, according to people with direct knowledge of the matter. A policy paper outlining the proposal is being studied by government departments, said the people, who ...

Bloomberg Xiaomi Corp. aims to seek formal Hong Kong stock exchange approval on June 7 for an initial public offering that could raise about $10 billion, people with knowledge of the matter said. The Beijing-based smartphone maker hopes to price the share sale late next month if its application is approved by the bourse’s listing committee, according to one of ...

Bloomberg Billionaire industrialist Anil Agarwal plans to leave behind a legacy: an Indian resources group to rival the world’s biggest. The founder and owner of Vedanta Resources Plc wants to keep building the company into a giant producer of the commodities that India needs to curb its reliance on imports, create jobs and reduce poverty. Despite its insatiable appetite for ...

Bloomberg Taiwan’s export-dependent economy decelerated after hitting its stride at the end of last year, when it posted the fastest growth in almost three years. The expansion slowed to 3.02 percent in the first quarter, according to revised data by the statistics bureau in Taipei, in line with a preliminary reading of 3.04 percent and the 3 percent estimate in ...

Bloomberg Nobody asked for it, few seem to want it and yet the Trump administration is considering imposing tariffs on imported cars and trucks, threatening not just a shake-up of the global auto industry but political discord even among the president’s allies. President Donald Trump’s order to investigate auto imports for potential trade penalties on national security grounds came as ...